President Cyril Ramaphosa will on Tuesday undertake an oversight visit to the Tshwane Automotive Special Economic Zone (TASEZ) construction site.
The President’s visit to track progress at the Tshwane Automotive SEZ occurs 14 months after the sod-turning of the R3.4 billion joint investment by government and Ford Motor Company, which established the first automotive incubation centre adjacent to the SEZ.
The TASEZ fulfils the District Development Model objective of co-ordinated development and economic opportunities in local areas. It also focuses on attracting foreign direct investment and growing exports of value-added commodities.
The automotive hub is an expansion of the OR Tambo International Airport Special Economic Zone.
In line with the South African Economic Reconstruction and Recovery Plan’s priorities of accelerating economic reforms, reindustrialising the economy and creating jobs through aggressive infrastructure investment, industrial parks and Special Economic Zones are rebuilding the country’s manufacturing capacity.
SEZs offer various incentives such as reduced corporate tax rates, VAT and customs relief, building allowances and an employment tax incentive.
The automotive sector has attracted close to R23 billion through the Automotive Master Development Plan 2035, which influences the industrialisation effort in other sectors to improve productivity, investment and competitiveness.
It also promotes localisation, particularly the development of small, medium and micro enterprises.
President Ramaphosa will be accompanied by Trade, Industry and Competition, Minister Ebrahim Patel; Gauteng Premier David Makhura; Economic Development, Agriculture and Environment MEC, Parks Tau; City of Tshwane Executive Mayor Randall Williams and the leadership of Ford Motor Company of Southern Africa.
Following the visit to the SEZ, President Ramaphosa will officiate at the investment ceremony of the Ford Motor Company of Southern Africa.
Due to COVID-19 regulations, the visit to the TASEZ and Ford will be strictly restricted to the participating delegates. – SAnews.gov.za
